HomeMy WebLinkAbout1088ANC. the Mortgagor does hereby covenant and agree:
1. To perform. comply with and abide by each and every the stipvlotions. agreements, conditions and covsnonts conto~ned
and set forth in said promissory note a notes, this mortgage and. if applicable. tM loon agreement between the Mortgagee and
Mortgagor.
2. To pay tM indebtedness secured by this instrument and according to the true tenor and effect of the promissory note
hereinobow mentioned or of any renewal thereof, promptly on the day or days the same severally become due.
3. To pay, before becoming delinquent, all obligations, encumbrances, taxes. assessments. paving, sidewalk, son~tory and
other assessments, levies or liens, now or hereafter levied or imposed upon or insl the mortgaged property. and to exhibit to
the Mortgagee before such taxes, assessments, liens and encumbrances become d~nquent the official reco~pts for payment thereof.
and if the some a any port thereof be not paid before becoming delinquent the Mortgagee mar of any time pay the same with
accrued interest and charges. if any, without waiving or affecting Mort 's option to foreclose this mortgage, or any right
hereunder, and every payment so mode shall boor interest from the dote t roof at the rate of 17.00 $ per annum.
and all such payments with interest shot! be secured by the lien Mreof.
~. That if o conveyance should be mode by tM Mortgagor of tM premises herein described or any port thereof, without the
written consent of tM Mortgagee and without ossump~ion of the obligorion, created hereunder, in regular form of low by the
grantee of tM Mortgagor then orxl in that event and of the option of the Mortgagee and without rwtice to the Mortgagor, all
sums of money secured hereby shall immediately and concurrently with such conveyance become due and payable and in default
whether or not the same ore so dw and payable and in default by tM specific terms hereof.
S. That in tM event of o suit being instituted to foreclose this mortgage, the Mortgagee shall be entitled to apply of
any time during such forecbsun suit to the court having jurisdiction thereof for the appointment of a receiver of all and singu-
lar the mortgaged pryoperty, and of all rents, incomes, profits, issues and revenues thereof, from whatsoever source derived; and
therwpon it is hereb expressly coverwnted and agreed that the court shall forthwith appoint such receiver with the usual power
and duties of receivers in like roses; and said appointment shall bs made by the court os o matter of strict right to the Mort-
gogee, and without reference to the adequacy or inadequagr of the value of the property hereby martgaged, or to the solvency
or insolvency of the Mortgagor or any other party defendant to such suit. The Mortgagor hereby specifically waives the right to
objeN to the appointment of o receiver os aforesaid and hereby expressly consents that such appointment shall be made os on
admitted equity and as o molter of absolute right to the Mortgagee and that the some maY be done without notice to the Mortgagor.
6. That if any proceedings should bs instituted against the property covered by this mortgage upon any other lien or claim
whether superior a junior to the lien of this mortgage. the Mortgagee may at its option immediately upon institution of such
suit or during the pendengr thereof declare this mortgage and the indebtedness secured hereby due and payable forthwith and
may of its option proceed to foreclose this mortgage. -
7. To ppy all and singular the costs, fees, charges and expenses of every kind, including the cost of an obstrod of title to
said lords found to be convenient or expedient in connection with amr suit for the foreclosure of this mortgage, and also including,
whether the Mortgagee is obligated •to pay some or not, reosonoble attorney's fees incurred or expended at any time by the
Mortgagee because of the failure of the Mortgagor to perform, comply with the abide by all or any of the covenants, conditions
and stipulations of sold promissory note, or this mortgage, in the foreclosure of this mortgage and in collecting the amount secured
hereby with or without legal proceedings, and to reimburse the Mortgo~ee for every payment made or incurred for any such
purpose with interest from dote of every such payment of the rate oft 1. UO $ per annum; such poymdhts ond obli-
gations; with interest thereon os aforeso' ,shall be secured by the lien hereof.
8. To keep all improvements, real and personal encumbered by the lien of this martgage, now or hereafter on sold load
insured ogomst loss or damage by fire, extended coverage and other perils, including war risk insurance if available, in a sum
not less than their full insurable value at the cost and expense of the Mortgagor in a cowpony or cowponies approved the
Mortgagee, the pal~cy or policies to be held by the Mortgagee, and such policy or policies of insurance shall hove affixed tF stela
a clause, making all loss of losses under such policy or po if ties payable to the Mortgagee as its interest may appear, and to deliver
sold policy or policies to the Mort when issued with the receipts, for the payment of the premium therefor; and in the event
any sum of money becomes pogo le under such policy or policies, the Mortgagee shall have the option to receive and apply the
some on account of the indebtedness secured hereby or to permit the Mort r to receive and use it, or any port thereof, for
other purposes, without thereby waiving or impairing any equity, lion or rig t under or by virtue of this mortgage; and the
Mortgagee, if it deems necessary may place and pay for such insurance, or any port thereof, without lacing waiving or offeNing
Mortgagee s option to foreclose for breach of this covenant, or any port thereof, or any right or option under this wort ,and
every such payment shall bear interest from dote thereof until paid al the rote of 17 0 $ per annum, o all such
payments with interest as aforesaid shall be secured by the lien hereof. In the event any toss or damage is suffered Mortgagor
:boll notify Mortgagee of such loss or damage within forty-eight (48) hours offer the happening thereof; the failure to give such
notice shall constitute o default and the Mortgagee shall have the rights herein given for all defaults.
9. To permit, commit or suffer no waste and to maintain the improvements at all times in a stole of good repair and
condition; and to do or permit to be done to sold premises nothing that will otter or change the use and character of soid proper-
ty or in any way impair or weaken the security of sold mortgage. In toss of the refusal, neglect or inability of the Mortgagor
to repair and mointoin sold property, the Mortgagee may, at its option, make such repairs or rouse the some to be made and
advance monies in that behalf which sums shall be secured by the lien hereof and beer interest of the rote of 17~ ~ $
per annum.
10. To deliver the survey and obstruct or abstracts of title covering the mortgaged property to Mortgagee or its designated
agent, which shall at all times, during the life of this mortgage, remain in the possession of the Mortgagee and in went of the
forack~sure of this mortgage or other transfer of title, all right, title and interest of the Mortgagor in and to any such survey and
obstrod or abstracts of title shall pass to the purchaser or grantee. -
11. fltot no waiver of any covenant herein or in the obligation secured hereby shall at any flew hereafter be held to be a
waiver of any of the otMt terms hereof or of the note secured hereby.
12. That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to
pay any tax assessment, liability, obligation or encumbrance upon sold property os herein provided, it shall not be necessary nor
requisite that the Mortgagee shall first pay the some.
13. That if the Mortgagor shall foil, neglect or refuse for o rind of thirty (30) days fully and promptly to pay the amounts
required to be paid by the note hereby secured or the interest therein specified or any of the sums of money herein referred to
or hereby secured, or otherwise duly, fully and promptly to perform, execute, comply with and abide by each, every or on of
the covsnonts, conditions or stipulations of this mortgage, the promissory note hereby secured and/or the construction loan
agreement, if any, than, and in either or in any of such events, without notice or demand the sold aggregate sum mentioned in
sold promissory note, less previous payments, if any, and any and all sums mentioned herein or secured hereby shall become due
and payable forthwith or thereafter at the continuing option of the Mortgagee os fully and completely as if sold aggregate sums
were or' molly stipulated to be paid of such time; anything .in said promissory note or herein to the contrary notwit standing,
and the Mortgagee shall be entitled thereupon or thereafter without noticeor demand to institute suit ot.law or in equity to
enforce the rights of the Mortgagee hereunder or under void promissory note. In the event of any default or breach on the port
of the Mortgagor hereunder or under sold promissory note, the Mort shall hove the continuing option to enforce payment of
all sums secured hereby by action at ktw or by suit in equity to toter use this mortgage, either or both, concurrently or otherwise,
and one action or suit shall not abate or be a bar to or waiver of the Mortgage s right to institute or maintain the other,
provided sold Mortgagee shall how only one payment and satisfaction of sold indebtedness.
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